Models
VISHNUSURYA PROJ N INFR LVISHNUINFR
₹5,186per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹5,186implied FY26 P/E 314.5× · EV/EBITDA 24.6×
Against CMP ₹156.90+3205.0%close of 2026-09-10
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3182%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹3,891₹7,773
52-week rangetraded range, a fact not a value
₹125₹219
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 253 |
| PV of terminal value | 1,137 |
| Enterprise value | 1,390 |
| less net debt | (45) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,345 |
| ÷ 0.26 crore shares | ₹5,186 |
82% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 5,370 | 5,807 | 6,331 | 6,972 | 7,773 |
| 10.50% | 4,914 | 5,277 | 5,706 | 6,221 | 6,850 |
| 11.00% | 4,523 | 4,829 | 5,186 | 5,607 | 6,112 |
| 11.50% | 4,186 | 4,446 | 4,746 | 5,096 | 5,510 |
| 12.00% | 3,891 | 4,115 | 4,370 | 4,665 | 5,009 |
The outlined cell is your model. Green figures sit above the CMP of ₹156.90; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 3,781 · 5,132 · 6,958 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.74 |
| Rank correlation with ebitda margin | +0.47 |
| Rank correlation with discount rate | −0.42 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 271 | 352 | 457 | 594 | 773 | 1,005 | 1,306 |
| growth % | — | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | — | 56 | 73 | 95 | 124 | 161 | 209 |
| margin % | — | 16.0 | 16.0 | 16.0 | 16.0 | 16.0 | 16.0 |
| less depreciation | — | (9) | (11) | (14) | (19) | (24) | (31) |
| EBIT | — | 48 | 62 | 81 | 105 | 137 | 178 |
| less tax on EBIT | (10) | (13) | (17) | (22) | (29) | (37) | |
| NOPAT | 38 | 49 | 64 | 83 | 108 | 140 | |
| add depreciation | — | 9 | 11 | 14 | 19 | 24 | 31 |
| less capex | (55) | (11) | (14) | (18) | (23) | (29) | (38) |
| less working-capital build | — | (9) | (11) | (14) | (19) | (24) | |
| Free cash flow to firm | (48) | — | 37 | 49 | 64 | 84 | 109 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 35 | 42 | 49 | 58 | 68 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 65, dividends at 6.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 48 | 62 | 81 | 105 | 137 | 178 |
| Interest at 13.4% on debt | (9) | (9) | (9) | (9) | (9) | |
| Profit before tax | 53 | 72 | 96 | 128 | 169 | |
| Profit after tax | 36 | 42 | 57 | 76 | 101 | 133 |
| Dividends | (2) | (3) | (4) | (5) | (7) | (9) |
| Balance sheet, year end | ||||||
| Cash | 20 | 48 | 86 | 138 | 207 | 301 |
| Working capital | 28 | 37 | 48 | 62 | 81 | 106 |
| Net block and other assets | 318 | 322 | 325 | 330 | 335 | 342 |
| Debt | 65 | 65 | 65 | 65 | 65 | 65 |
| Equity | 234 | 273 | 326 | 397 | 491 | 615 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 45 | 60 | 80 | 106 | 140 | |
| Investing (capex) | (14) | (18) | (23) | (29) | (38) | |
| Financing (dividends) | (3) | (4) | (5) | (7) | (9) | |
| Net change in cash | 28 | 38 | 52 | 70 | 93 | |
| Free cash flow to equity | 30 | 42 | 57 | 77 | 103 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 30% | 16% | 11.00% | 5% | ₹5,186 | 3205.0% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.